The U.S. Labor Department reported the U.S. Economy added 390,000 jobs in May and that the unemployment rate remained at 3.6%. It was the 16th straight month of positive job growth for the Biden administration. The Department also reported that wages in May were up 5.2% from the same period in 2021 and that jobs were added in all sectors of the economy which was broad based.
Prior to the report the internet was full of negative reports about May's job numbers to be lacking and under 200,000. They were wrong of course and have been for the past 16 months, but the negative beat goes on to try and influence the November elections. A coming recession is another theme the negative news machine is pushing and hoping for so bad they are predicting it will take place sometime in 2022 or 2023. Just a guess of course, they just want to plant that seed.
The economy does have a distraction with inflation, but so far consumer spending is still strong and wages continue to increase and reduce some of the burden. The most important thing is for congress to pass the balance of the President's economic agenda in order for the economy and jobs to continue moving forward and bring inflation under control.
The economy has come a long way since President Biden took office in January 2021 and in spite of the setbacks caused by COVID, supply chain problems, fuel cost increases and inflation, the President's policies has worked. Over 8 million jobs have been added to the economy in just 16 months and that is a record first. Still there are issues that are there that have to be addressed for the economy to maintain momentum and be progressive. That is why the rest of the President's agenda is important.
This writer predicted in Politidose commentary when Biden was elected the GOP would begin their campaign of personal attacks, lies and negative comments about the President, his agenda and the democratic party and would never let up. That prediction came true and is still in progress because the GOP has nothing left to offer America and its people.
The GOP's noise agenda has been good for, well, the noise it makes. The President's policies have produced a good economy for America's well being with job creation and increased wages. Plus federal spending is down from last fiscal year and so is the deficit. And all of that is good news for all Americans.
This commentary written by Joe Lorio
